German-based shipping trust Marenave Schiffahrts said that it has conducted “promising negotiations” with financing banks in order to avoid insolvency.
The move comes less than a month after the company received notice from two banks financing the Marenave-fleet stating that Marenave’s restructuring concept, which has been negotiated so far, will not be supported .
“Already at the beginning of this week some of the financing banks notified the company that they will support a restructuring concept outside insolvency,” Marenave informed.
Additionally, the company said that it received further statements by the respective banks, according to which they will for a limited period of time seriously demand payment from the single ship companies of the amounts due under the respective ship financing loans only to the extent the respective single ship companies actually have the financial capacity to make such payments in light of their revenue situation and the liquidity accumulated until the relevant due dates.
“At the same time Marenave shall not be held liable under the guarantees given for the respective ship financing loans,” the company added.
Subsequently, the company has concluded that the positive going concern forecast is restored for the company and that all single ship companies are solvent.
Marenave expects that “a paper with key issues for a restructuring agreement” between the company and some of the financing banks would be concluded until December 9, 2016.